Let's say I do Tenants in Common (with either a trust, TODD or Lady Bird) to pass down the house to my 2 children and they get equal shares. I pass away. The house belongs to my two children 50/50. If they still own the house and one of them passes, that 50% share goes to their estate. Couldn't you still avoid probate if that child that passes has in THEIR trust that their 50% of their share goes to his wife? I can see it going to probate if the deceased owner didn't have anything in place. Thanks ! :)
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Let's say I do Tenants in Common (with either a trust, TODD or Lady Bird) to pass down the house to my 2 children and they get equal shares. I pass away. The house belongs to my two children 50/50. If they still own the house and one of them passes, that 50% share goes to their estate. Couldn't you still avoid probate if that child that passes has in THEIR trust that their 50% of their share goes to his wife? I can see it going to probate if the deceased owner didn't have anything in place. Thanks ! :)
Yes, they could do their own estate planning to avoid probate at the next level.